Kyc is hardly used offline, why not online? - page 3.

Dr.Bitcoin_Strange

hero member

Activity: 770

Merit: 538

Leading Crypto Sports Betting & Casino Platform

Quote from: _act_ on November 20, 2024, 05:56:35 AM

Quote from: Dr.Bitcoin_Strange on November 20, 2024, 05:39:09 AM

but online KYC helps to expose the information of some scammers and also because of the scam cases online and also the idea of money laundering, I believe that's why the government deem it necessary for some online platforms to request KYC from every user before they gain license of operation.

Why are scam in fiat still very common? Many of the scam are online. Despite the KYC, some scammers are still scamming successfully. Why are most laundered money in bank belonging to reputed people in the society? They are reputed people in the society until they are known to be laundering money. If everybody do KYC in the world, some people will still be scammed.

No. No.

I'm not speaking about Fiat scam only, scamming and theft generally happen in both offline and online and yet there are still some scammers that are usually being apprehended offline, while some goes free too, same is happening online. Even with the KYC, some still go free. I am not saying KYC totally eradicate the whole problem.

If you read again, you will see that I said "KYC help to expose the information of " SOME" scammers. " Not all scammers!

Like OP was saying, if you go to a store or shop to buy something, why do they not ask for KYC? They don't right? But why do they have surveillance cameras all over the place? What does the surveillance cameras in those shops stand against? They might not capture your name, date of birth, home address but your face is there, which is still enough to track you down if you commit a crime in that place. Even if it take months or a year, they can still use your face to find you.

_act_

legendary

Activity: 1064

Merit: 1298

Lightning network is good with small amount of BTC

Quote from: Dr.Bitcoin_Strange on November 20, 2024, 05:39:09 AM

but online KYC helps to expose the information of some scammers and also because of the scam cases online and also the idea of money laundering, I believe that's why the government deem it necessary for some online platforms to request KYC from every user before they gain license of operation.

Why are scam in fiat still very common? Many of the scam are online. Despite the KYC, some scammers are still scamming successfully. Why are most laundered money in bank belonging to reputed people in the society? They are reputed people in the society until they are known to be laundering money. If everybody do KYC in the world, some people will still be scammed.

Dr.Bitcoin_Strange

hero member

Activity: 770

Merit: 538

Leading Crypto Sports Betting & Casino Platform

First, I will say that there are so many scammers on the internet and there are also many victims to these scammers. I am not completely in support of KYC because of the risk attached but online KYC helps to expose the information of some scammers and also because of the scam cases online and also the idea of money laundering, I believe that's why the government deem it necessary for some online platforms to request KYC from every user before they gain license of operation.

icalical

sr. member

Activity: 1400

Merit: 268

Fully Regulated Crypto Casino

Actually yes, In Indonesia where I live, if I want to buy stock or bonds and even if I want to buy gold, I am asked for my ID, so compared that to Exchange which is an investment/market platform for Crypto, that's actually just the same. But then again, the aim for Bitcoin is to reduce or even remove all centralize entity involvement in a financial transaction so in some sense, I do agree that using KYC on Bitcoin or crypto is actually contradictory with Bitcoin initial vision and mission.

kotajikikox

full member

Activity: 2590

Merit: 228

Quote from: Ucy on November 19, 2024, 01:32:04 PM

Or are there countries where IDs and maybe phone numbers are required before making purchases physically? Imagine how strange it would be to present your ID before buying or selling in physical world. Not sure I've ever been required to present ID before buying or selling, even physical foreign currencies offline. The kyc phenomenon seems to be peculiar to online world and bank transactions.

It depends on what you are buying though.

If you are buying alcohol or a property of course they would ask for identification even if you are buying with fiat. Sometimes, buying physically doesn't mean buying with fiat too because some us credit cards where their name is also on the card. Upon selling, some customers would also ask for your identification to prove that you are legitimate. I guess that is why online asks for KYC. They want to make sure you are legitimate person since they can't see you in real life.

Quote

By the way, the kyc issues could make thriving online economically alot difficult for people in certain remote places who probably prefer to have little to zero contact with modern world. This are the kind of people crypto would be more suitable for, unfortunately they will be denied access to lots of cryptocurrency exchanges in existence today.

I would agree about our privacy being potentially violated because of KYC. In today's world where the most valuable thing ever is your information, it is essential for us to keep it safe. With the internet, it is so easy to have access to other people nowadays. They can then use this stolen information for illegal activities.

Samlucky O

sr. member

Activity: 504

Merit: 389

The great city of God 🔥

Quote from: Ucy on November 19, 2024, 01:32:04 PM

Or are there countries where IDs and maybe phone numbers are required before making purchases physically?

I actually think that making payment physically and online are two different things. And you can not blame online for requesting personal documents before offering there services because since they can't see you physically then your documents represent your identity. And can be used when necessary if problem arises.

Quote from: Ucy on November 19, 2024, 01:32:04 PM

Imagine how strange it would be to present your ID before buying or selling in physical world.

There is a limit to the kind of things you buy that require your identity. Buying eateries and some petty items can not warrant id or phone number, but any business that involve signature is equally a strong financial business then it will require person documents or your private information. So I can categorically tell you that any sensitive financial business require surely an identity verification incase of default or fraud. Just as taken loan from a microfinance bank will require you to keep your private information incase of loan default.

Accardo

hero member

Activity: 1302

Merit: 561

Leading Crypto Sports Betting & Casino Platform

Quote from: Stalker22 on November 19, 2024, 05:28:39 PM

However, I do not agree that KYC is used so rarely outside the online world. Identification is a necessity for transactions in many countries. Numerous situations demand that you need to show some kind of identification, for instance opening a bank account or either buying a SIM card or renting a car. Cheques are difficult to draw unless you have a local bank account (most people on this planet receive their paychecks into banks in their name so all transactions can be linked back to you). That means youre already KYC-ed every time you swipe your credit or debit card.

All form of digital transactions links back to the KYC documents submitted in the bank, and whenever a person use such medium to pay for services offline, it unveils to the merchant the details submitted in the bank, and if needs arise for traces it won't be difficult. Only buyers who pay with cash still have some privacy, and not in all stores would a customer be required to show IDs. Unless when paying for hotels, or renting a new house.

Onyeeze

full member

Activity: 728

Merit: 217

Offline kind of business does not require much documentation but online business business requires verification so that it will enable the owner of the business to know the customer very well so that is why in online business documentation is being used has evidence to know their customers or their client properly without any double mind because he process whereby there is no verification in online business mighty behold responsible whenever illegality occur but in offline the address will be there but you are regular coming can them to know you without much description

Stalker22

legendary

Activity: 1526

Merit: 1359

Privacy is a human right - and I couldnt agree with you more. Cryptocurrencies were born to bypass the traditional financial systems and return the powers to people. However, the overkill of KYC in the current crypto industry is so fundamentally opposed to that vision. Unfortunately, most of those who would benefit the most from crypto are being shut out by these strict criteria.

However, I do not agree that KYC is used so rarely outside the online world. Identification is a necessity for transactions in many countries. Numerous situations demand that you need to show some kind of identification, for instance opening a bank account or either buying a SIM card or renting a car. Cheques are difficult to draw unless you have a local bank account (most people on this planet receive their paychecks into banks in their name so all transactions can be linked back to you). That means youre already KYC-ed every time you swipe your credit or debit card.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

Quote from: Ucy on November 19, 2024, 01:32:04 PM

~

Alcohol in convenience stores. I think it's more on a case-by-case basis though? Some people look REALLY young for them to be buying alcohol even if they were of legal age. I guess some others would be for seniors/pwd specific services/goods (like medicine), as well as entrance to some areas like nightclubs. I'd say it's a LOT better in the physical because they only check it, they don't record it. Online needs it to be recorded since someone needs to actually check it before approving, so a record inevitably gets left.

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

Quote from: Ucy on November 19, 2024, 01:32:04 PM

Or are there countries where IDs and maybe phone numbers are required before making purchases physically? Imagine how strange it would be to present your ID before buying or selling in physical world. Not sure I've ever been required to present ID before buying or selling, even physical foreign currencies offline. The kyc phenomenon seems to be peculiar to online world and bank transactions.

I think human right to privacy shouldn't be violated in anyway unless the human is involved in serious crimes or some suspicious activities. And even when ID becomes necessary, it should be handled with care to prevent it from going into the wrong hands.

By the way, the kyc issues could make thriving online economically alot difficult for people in certain remote places who probably prefer to have little to zero contact with modern world. This are the kind of people crypto would be more suitable for, unfortunately they will be denied access to lots of cryptocurrency exchanges in existence today.

KYC is used in real life when you want to buy alcohol or a cigarette. If the cashier suspects that you are younger than 18 years old, they have a right to ask you for your ID and check your birthday. If they don't do that, they'll be fined lots of money. That's how it works in my region.
Btw another case of KYC in real life in my region is when you move in the street during afternoon or night. Policemen walk in the street and drive with the car, if they see you outside, they stop you, ask you for your ID, take a picture of you and then they leave you.

Miles2006

sr. member

Activity: 182

Merit: 120

The physical world still demand for KYC probably you’ve not experienced it or you don’t have anything associated with serious issue at the moment because when the time comes they’ll definitely demand for it. Aside buying and selling at times you don’t just need this KYC as a defense rather it’s a must you provide it for example job related, educational stuff etc. Don’t know why the requirement for verification sounds troublesome at times definitely it has disadvantage including an advantage, not every KYC verification needs our attention as mentioned crypto world. Acting smart can help not running away, seeing everyone Prioritizing their privacy is a smart move it’s also understandable they need this KYC for clarification purpose regardless I prefer going for safety.

Porfirii

legendary

Activity: 2002

Merit: 2534

The Alliance Of Bitcointalk Translators - ENG>SPA

Quote from: bitzizzix on November 19, 2024, 02:57:26 PM

In my area, there is only one store that requires customers to show ID when shopping.
It is a liquor store, and the purpose is only to ensure that customers are over 20 years old, even though the law states that people under 18 are not allowed to drink alcohol.
And I think that is a good way to prevent underage people from buying alcohol which will have a very negative impact. And for other places or shopping centers I have not found such a requirement, showing ID when wanting to buy something.

Indeed, in the crypto world, KYC is very annoying and also disliked by most people. Although the purpose is good to prevent illegal activities such as money laundering and so on, it is still annoying. Grin

Asking for ID Card in order to ensure that clients are over legal age is common in most countries and reasonable. But when it comes to online purchases, or crypto, KYC everywhere attacks people's privacy, and poses many risks in terms of personal data protection.

In the EU, some experts are interpreting that the new regulation that will enter into force next month will impose KYC for all transactions with crypto regardless of the amount. In many European countries, the limit right now is 1.000€ per transaction, or per multiple transactions linked between them, which could make us discuss whether it is a desirable measure or not. But KYC for, for example, a purchase of 30€, everyone will agree that it doesn't seem proportionate.

bitzizzix

sr. member

Activity: 2590

Merit: 452

Enjoy 500% bonus + 70 FS

In my area, there is only one store that requires customers to show ID when shopping.
It is a liquor store, and the purpose is only to ensure that customers are over 20 years old, even though the law states that people under 18 are not allowed to drink alcohol.
And I think that is a good way to prevent underage people from buying alcohol which will have a very negative impact. And for other places or shopping centers I have not found such a requirement, showing ID when wanting to buy something.

Indeed, in the crypto world, KYC is very annoying and also disliked by most people. Although the purpose is good to prevent illegal activities such as money laundering and so on, it is still annoying. Grin

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: Nwada001 on November 19, 2024, 02:10:10 PM

I don't think I have also been asked to present my ID anywhere before I will be attended to in a shopping centre; the only time I have been asked to present my ID card when I want to make a purchase was during my time when I worked in a health care facility and to buy some certain drugs, which I was asked to get by my director from a big pharmacy, and the reason why they requested it was to confirm if I'm truly coming from where I claim to be working.

Quote from: Ucy on November 19, 2024, 01:32:04 PM

By the way, the kyc issues could make thriving online economically alot difficult for people in certain remote places who probably prefer to have little to zero contact with modern world. This are the kind of people crypto would be more suitable for, unfortunately they will be denied access to lots of cryptocurrency exchanges in existence today.

Bitcoin is a modern technology; anyone who doesn't want to go modern should stick with using cash for any kind of transaction they want to make and not use bitcoin, unless what they just want is to hide their identity and remain private.

The only time that i do asked out with some ID is on the moment that you do make use of your own credit card on buying up something but been asked on just simply purchasing with cash then i havent been able to encountered up such thing. If this one turned out to happen then it will really be just that too hassle and also on what kind of purpose on why we do need up to present our ID's on just buying into something?
It will really be turning out that people will really be going against it and this isnt really that a shocking thing. As for crypto then this is the main reason on why it do becomes aminstream or getting up that soo much attention due to that decentralized and anonymity thing. Somehow, times passed and everythings changed then it will really be that understandable that exchange platforms and other businesses on which connected to crypto are gradually becoming centralized but still there are having options that you wont passed through any verification.

Here on crypto space on which we know that KYC is really that highly frowned upon and any speaking or mention about verification on which this is something that we dont really like to hear out on this space. Grin

Nwada001

hero member

Activity: 798

Merit: 702

I don't think I have also been asked to present my ID anywhere before I will be attended to in a shopping centre; the only time I have been asked to present my ID card when I want to make a purchase was during my time when I worked in a health care facility and to buy some certain drugs, which I was asked to get by my director from a big pharmacy, and the reason why they requested it was to confirm if I'm truly coming from where I claim to be working.

Quote from: Ucy on November 19, 2024, 01:32:04 PM

By the way, the kyc issues could make thriving online economically alot difficult for people in certain remote places who probably prefer to have little to zero contact with modern world. This are the kind of people crypto would be more suitable for, unfortunately they will be denied access to lots of cryptocurrency exchanges in existence today.

Bitcoin is a modern technology; anyone who doesn't want to go modern should stick with using cash for any kind of transaction they want to make and not use bitcoin, unless what they just want is to hide their identity and remain private.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

Or are there countries where IDs and maybe phone numbers are required before making purchases physically? Imagine how strange it would be to present your ID before buying or selling in physical world. Not sure I've ever been required to present ID before buying or selling, even physical foreign currencies offline. The kyc phenomenon seems to be peculiar to online world and bank transactions.

I think human right to privacy shouldn't be violated in anyway unless the human is involved in serious crimes or some suspicious activities. And even when ID becomes necessary, it should be handled with care to prevent it from going into the wrong hands.

By the way, the kyc issues could make thriving online economically alot difficult for people in certain remote places who probably prefer to have little to zero contact with modern world. This are the kind of people crypto would be more suitable for, unfortunately they will be denied access to lots of cryptocurrency exchanges in existence today.

Topic: Kyc is hardly used offline, why not online? - page 3. (Read 589 times)